Over the last 5 or six years …Papaya Global Makes Managing Payroll… roles on the service provider side and also on the supplier side from a payroll point of view so really eagerly anticipating this conversation today um and yeah thank you quite for your time everybody fine thanks Johnny uh we’ll simply offer everyone another number of uh well among the 30 seconds approximately to join all of us work back to back these days so we’ll type of let them do that so it ‘d be quite interesting and I can see it going on already simply to hear where everyone is um it’s nice to to type of like see where everybody comes from and I really do hope it’s much sunnier than it remains in the UK today definitely not the peak of the sunshine is it it’s not no it’s it’s raining here it’s very extremely gloomy and I wish I was somewhere else at this moment in time okay so let’s start our program for today is as follows um we are going to be looking at the difficulty years of managing International payroll why business maintain different
checking account payroll virtual wallets versus payroll checking account payroll payroll uh sorry papaya payroll payments forecasting payroll expenses using virtual payroll accounts streamlining papaya International payroll payments as a strategic property uh we’ll likewise discuss a recap which ought to leave his time at the very really end for a q a session so as the title of the webinar suggests payroll officers on moving to Virtual payroll accounts and here is why as dispersed to remote and Global workforces end up being more and more typical and handling them becomes a growing number of complex International organizations are aiming to discover Solutions and new ways to streamline processes specifically from a payroll and cross-border payment standpoint many companies keep different checking account just for payroll while some have several accounts in various countries does it make good sense for business to maintain different savings account in some cases in various nations it does but just for payroll is there a better method what role do virtual accounts and digital wallets also known as virtual wallets play in assisting international business improve the episode complex procedures of
making payroll payments accurately efficiently firmly and on time throughout this webinar we’ll stroll you through the global benefits and drawbacks of a payroll wallet versus a payroll checking account how business properly forecast their payroll expenses to increase working capital and how simplifying International payroll payments can turn them from a siled pane into a tactical asset so payroll can be tough in adequate in one nation however when you’re doing it globally it’s next level and Beyond it ends up being complicated for a range of factors most significantly policies compliance information security and banking rules then there are the sheer numbers they include further complexity the worldwide Labor force is currently three and a half billion individuals by 2030 it’s estimated that in Africa alone they will contribute and additional 1.1 billion individuals that number is presently 500 million just for for a scale then factor in that there are some 230 million services and growing all doing their own thing around the world in the traditional payroll model there’s typically an overwhelming variety of various systems leading to lengthy manual procedures and silos the number of Combinations could be non-existent in big amounts and or extremely very fundamental there’s no genuine consistency framework we’re residing in an era of tech however payroll has been sluggish to get on board in fact as much as 25 of payroll is still done by hand frequently with pen and paper which simply blows my mind each time I I think
about it to give you an idea of how far there still is to come according to Deloitte just 11 of businesses state they have Workforce information in real time that’s another number that provides me sleepless nights and quite honestly the more an organization spends on global payroll the less of a picture they see an absence of visibility also extends to payroll payments and failure to accurately track these payments can result in compliance mishaps in the last mile of the transaction almost half of international organizations have expressed that they don’t have the level of standardization they need in their processes or desire and as a result eighty percent of mistakes are because of time reporting poor HCM data data entry mistakes improperly interacted hires and terminations along with absence management and system setups and after that when you round all of it off and the information is shipped to the wrong location the typical expense of a worldwide information breach at this moment is 3.9 billion dollars once payrolls are done we still require to move the cash worldwide payroll and payments don’t run efficiently if they rely on the required several processes systems and partners it is just not possible so Johnny from a payments perspective and in your experience what else requires to be factored into the difficulties service face when they’re making payments to employees or otherwise that’s an excellent question I always toss this back and state what is it what does not require to be included best and what does
it require to be thought of there’s differing Bank details so the length of an eye band a swift an account number routing code per nation there’s payment time frames there’s payment capabilities so can you pay it from International or do you have to pay from an in-country account do you have to pay from the customer’s own in-country account so there’s complexity any place you look right ultimately constructing a knowledge base is absolutely critical but everywhere you look with payroll payment they are like very payments no if but some infants about it you are all superheroes processing payments for payroll if you take a look at the sort of link in between fintech and payroll it’s closer than ever I believe there’s now a bit more recognition that payroll payments are absolutely essential and technology is permitting us to type of move on with that it also as well to add to that payroll and financing need to work closer together um with differing Checking account Particulars differing banking requirements and setup procedures is absolutely necessary that payroll and financing groups work better together than ever um I’m constantly surprised when individuals state I’ve split payroll and payment um if you stroll down the street and asked anyone what is payroll who does not operate in the payroll occupation would they divide the payroll payment from calculation I would say no so why do we as an industry accept that why our payroll and payments so frequently split and cut up um eventually it’s payroll is an end-to-end procedure it’s the point of information collection all the way through to paying individuals wherever they are but likewise paying statutory authorities and on statutory third parties so with the
The contemporary world places a high value on well-being and the compensation landscape is becoming increasingly detailed. Companies are continuously introducing brand-new advantages and payment options, which contributes to the general intricacy. Big corporations frequently divide their payroll and payment processing into separate groups, which can result in ineffectiveness and traffic jams. In my opinion, this does not need to hold true. In today’s technically sophisticated era, there’s no justification for keeping cumbersome treatments. Payroll, the business’s most significant expense, must be processed properly and on time. Even minor hold-ups can negatively impact staff members’ wellness and have far-reaching effects. For that reason, it’s critical to prioritize accurate and prompt payments.
The payroll team may not have actually been thanked for properly processing payroll throughout a webinar. If anyone has actually been thanked, it would be fantastic to hear their success story, whether it’s from all workers or not. Payroll is a crucial cycle, and individuals just observe when things go wrong. However, when things go right, it’s seen as simply a routine task. This is how it’s perceived externally also. Therefore, it is essential to ensure that jobs like Wi-Fi International and other important matters are done properly. Using the first Worldwide Payments very first payroll payment solution is an excellent preliminary step towards offering a comprehensive payroll service for employees worldwide. Standardization, worldwide procedures, and lowering the variety of tools, platforms, and savings account required for worldwide payroll are essential factors in achieving service success. While we do not expect a hundred thousand thank yous within a payroll cycle, we do occasionally get a couple of grievances when things don’t go as planned. Eventually, we do not do it for the gratitude.
anyhow we understand how how essential a role it is which’s why we do it that’s why we get on with it and this is why we’re talking today about making it as simple as possible for everybody that’s involved in those processes and also so envision sorry I’m simply I was just gon na state think of the amount of thanks you got if you might cover the amount of people that we cover within this webinar I make certain we’re talking about hundreds of thousands possibly Millions think of getting that numerous thank you notes um I imply it ‘d be interesting to see how many Post-it notes you got however it would certainly be a fascinating task attempting to clean up all those up for sure oh definitely I can’t picture the size of my my Outlook inbox if that held true um you ‘d require days of the week to attempt to browse them and in fact see what was going on and sort of shot to get back to everyone so carrying on look why do companies pick to primary different bank accounts there are Papaya Global Makes Managing Payroll organizations out there doing exactly this for particular nations and I’ve operated in a company or numerous companies doing precisely that I can state it doesn’t always feel efficient and it does develop more work I know we’re not purposely doing that we’re not creating extra work for any person where we do not have to and anybody that’s dealing with that procedure I ‘d be interested to hear your thoughts Johnny why do you think that we’re doing that in in the in the quantity that we are I believe lots of reasons one is it’s the requirement I believe individuals have got so utilized to we need a brand-new checking account we open an entity and appropriately so you require it for payroll functions however there are a variety of markets where it’s not a requirement so I believe it’s just been the standard and the norm individuals have adopted and continue to do over years and years passed by to contribute to that individuals have actually taken a look at things like trust accounts and lots of other ways um to to type of do it so I believe there’s a range I think this is a procedure that requires looking at it needs changing however eventually individuals are really stuck with what they’re familiar
with ideal um modification is a difficult thing all of us don’t like modification um so I think it’s just kind of moving away from the standard as we have actually said so yeah so it keeps a great deal of track of stuff um I understand certainly the advantages of having maintaining multiple checking account however there’s a big quantity of intricacy chooses setting up a savings account preserving it guaranteeing it can send out International transfers ensuring it’s set up with the best user accesses for individual individuals so the complexity is big but I think the honest answer is modification um individuals haven’t had the ability to change or haven’t had always the understanding to actually make that change into alternate Solutions other than opening a bank account I think you’ve hit the nail on the head I think it is knowledge you know and there is an element of resistance to alter but we have actually constantly done it that way is no real excuse for not taking a look at the the benefits and the possibilities of moving on and moving into you know what might practically be identified to be the next Century or two there is a lot to monitor and this method does present a number of obstacles um so Johnny could you inform us about those challenges yeah of course so there’s a range right there is so
I just did you changed our Business to OS so now we can do our payroll and payments operation on a single platform yes it’s like our CFO got a CFO for their CFO and now that I bulletproof payments to our 10 000 International staff members you should have a corner workplace with a better parking space since I mastered International payroll and payments with Papaya payroll OS did you Papaya Global Makes Managing Payroll